Market Update for 28th Jul 2016 – Nice comeback…

By Markus Heitkoetter

Stocks finished the session mixed after another choppy session.

The major indices opened lower and continued to sell-off. But finding support late morning, stocks began to work their way higher.

An afternoon rally helped the S&P and NASDAQ work their way into positive territory. Meanwhile, the DOW manged to erase a 100+ point deficit, but couldn’t quite make it into positive territory.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.2% gain. Up 3 points, the S&P ended at 2,170.
  • The DOW ended 0.1% lower. Dropping 16 points, the DOW closed at 18,456.
  • The NASDAQ was up 0.3%. With a 15 point gain, the NASDAQ finished at 5155.

The slide in Crude Oil (CL) continued today.

CL finished lower for the 6th straight session. With a 1.9% loss, CL ended at $41.14 a barrel.

Yesterday it was Apple (AAPL) that helped the NASDAQ rise about the rest. And today it was Facebook (FB) to the rescue. Beating analyst expectations, FB jumped higher and eventually finished the session 1.4% higher.

It’s been a relatively quiet week with the S&P down just 0.2% (5 points). But there are a few things today and tomorrow that have the potential to move the market.

Big names like Amazon (AMZN) and Alphabet (GOOG) are scheduled to report earnings today. We also have the upcoming Bank of Japan policy statement.

The economic calendar picks up tomorrow as well with Advance GDP at 8:30am ET, Chicago PMI at 9:45am ET, and Revised Consumer Sentiment at 10:00am ET.

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